The Bangkok condominium market continues to draw big investment from overseas and the non-property sector, with many large firms from Japan, China and South Korea lured because of attractive returns, says the Thai Real Estate Association.

Pornarit Chounchaisit, the association's president, said these investors are pure investors and do not come as developers because they invest by project, not in companies.

"The entrance of non-property players and new foreign investors in Bangkok property development shows investment [in Thailand's property development] generates attractive returns," he said. "Japanese firms continue coming to the sector, following their compatriots, who came five years ago."

Mr Pornarit said this is just the beginning as there are many large developers from Japan, China and South Korea that have not yet entered the market, but indicated interest to do so in the near future.

"Those that have already come [to the Thai property market] are mid-sized. Big players have not come," he said. "They will develop a city on thousands of rai, not just a building. Next year will see them in infrastructure development."

On Wednesday, Thai President Foods Plc (TFMAMA), the SET-listed manufacturer and distributor of Mama instant noodle products, reported to the main bourse it will co-invest with SET-listed developer Ananda Development Plc.

All three condo projects were launched last year and are under construction.

The remaining stake in each subsidiary is held by Japanese developer Mitsui Fudosan, which has had condo development joint ventures with Ananda since 2013.

Thai President Foods is a subsidiary of Saha Pathana Inter-Holding Plc, the investment arm of consumer goods conglomerate Saha Group.

In 2011, the group entered a joint venture with SET-listed developer Charn Issara Development Plc to develop Thew Talay Estate, a beachfront project in Cha-am on a 50-rai plot owned by the group.

To date, development value has totalled 7.2 billion baht.

Late last month Kyushu Railway Co (JR Kyushu) reported on its website it entered into a joint venture with Thai developer All Inspire Development Plc and Hoosiers Holdings Co, a Japanese developer that entered a joint venture with All Inspire last year.

JR Kyushu said in a report it saw a rise in housing demand in Bangkok because of rising income, urban migration and construction of mass transit lines.

This will be its first overseas condo after it acquired serviced apartment Shama Lakeview Asoke Bangkok last year.

"Partnerships with foreign investors can help strengthen the company," said Kesara Manchusree, chairwoman and independent director of All Inspire Development Plc.